According to industry insiders, as Sahara is in a hurry to sell off its properties to secure bail for its chief Subrata Roy, the deal has been made at almost half the price of its current market price — around Rs 12,000 per sq yard as against the existing market rates of close to Rs 30,000 per sq yard.

When contacted, officials of HN Safal refused to comment on the deal. “At present, HN Safal is not planning to build anything on that land as it bought it only because it was available at a cheap price,” said a source.

Before the troubled times began for Sahara, the group had announced a township called Sahara City Homes on this land. Several investors had booked houses in the proposed township way back in 2003-04 when it was first announced. At that time, the company had promised possession by 2007 but it did not deliver.

Last month, the Supreme Court set the condition that the Sahara Group make a security deposit of Rs 10,000 crore to secure bail for Roy, who was arrested in Lucknow on February 28 and sent to judicial custody on March 4 in connection with the contempt case arising out of two of his companies failing to refund Rs 20,000 crore to investors.

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